Binance is set to exit from the Russian market, according to a report

By: Dickson Arinze

Binance is set to exit from the Russian market, according to a report

August 29, 2023 5:20 AM

According to a story from The Wall Street Journal, a representative for Binance said the global cryptocurrency exchange was exploring all alternatives with respect to Russia, "including a full exit."

The restrictions imposed by countries such as the United States have caused cryptocurrency exchange Binance to consider pulling out of Russia.

A Binance representative reportedly told→ The Wall Street Journal on August 28 that the exchange was looking at "all options," including leaving Russia entirely. The report came after Binance restricted customers in Russia from using certain sanctioned Russian financial institutions and introduced fiat currency limitations.

Binance was the first P2P exchange to stop accepting deposits from some Russian banks; subsequent exchanges, like Bybit and OKX, followed suit. Digital rubles will be tested by the Russian central bank in August, with full implementation scheduled for 2027.

Binance, a worldwide cryptocurrency exchange without a physical location, faces resistance from Russian authorities despite its widespread international presence. The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, Binance.US, and Binance CEO Changpeng Zhao in June for an unregistered offering of securities, and the Justice Department was reportedly looking into whether or not the global exchange violated U.S. sanctions imposed shortly after Russia's invasion of Ukraine.